Should Your College Student Get Renters Insurance?

Published: June 09, 2015

A lot of proud moms and dads recently watched -- or will soon watch -- their high schoolers walk across a stage to get their hard-earned diplomas. And now begins the summer of preparation before those kids head off to college to start a new chapter.

Whether you consider yourself a helicopter or a free-ranger, every parent wants their child protected. Part of that protection is sending your child off to college properly insured against theft or loss. The type of insurance you purchase for your child depends on his or her living arrangements.

Dorm

If your child is living in a school-owned dormitory, he or she likely will be covered under your homeowners insurance policy, up to 10% of the total coverage. For example, your $100,000 policy will cover your child up to $10,000.

Apartment

If your child chooses to live in his or her own apartment, your homeowners policy won’t help. Instead, consider purchasing renters insurance. Renters insurance is relatively inexpensive and will protect your child in case of a loss. There are two types of renters insurance -- cash-value and replacement-value. Cash-value policies take depreciation of the stolen or damaged items into account, while replacement-value policies replace the items at current cost. Replacement-value policies tend to be more expensive.

Talk to you insurance agent about the types of insurance to purchase to make sure you’re making good decisions and purchasing enough insurance. It’s also a good idea to ask about student policies, which typically are less expensive than other types of policies.

Now go take a vacation, you empty nester, you! You deserve it.

J.K. Olivieri Insurance Agency, Inc. is an independent insurance agency founded in 1979 which represents a number of major insurance companies. Our mission is to protect our clients’ financial future. We feel our role as an insurance agency is to assist our clients in selecting the best possible programs to fill their specific needs. In doing so, we shall research and present our clients with the best possible programs available at the best possible prices.